Tag Archives: foreclosures

Las Vegas now has a spot in Men’s Journal’s “Best Places to Live 2010” list, but, sadly, there’s a pock mark on the distinction: The honor is largely attributed to the foreclosure crisis that has cost thousands of people their homes.

“The good news?” the magazine reads, “You can get a recently built house in a great area with mountain biking, climbing and a bit of nightlife nearby, for $100 per square foot.”

It’s true, record foreclosures — Nevada led the nation in March and was high on the foreclosure list for many months — have created a small housing boom, as thousands are taking advantage of low prices and the soon-to-expire federal tax credit.

The Saxe Theater will be the new name for the 435-seat Las Vegas performance theater venue in the Miracle Mile Shops at Planet Hollywood. The theater was formerly operated by magician Steve Wyrick, who surrendered it to the mall in a December foreclosure.

Producer David Saxe will manage this new venue and his current V Theater, also located in the Miracle Mile Shops area. The V runs as many as 17 performances of 10 titles per day.

The new Saxe Theater is planned to be up and running by June 1.

Though the production theme is being worked out, one of the ideas proposed is a show that that documents the history of Las Vegas entertainment industry.

It seems no matter who you are – or how much you earn – it’s never enough to cover all the bills.

In June 2009 Forbes magazine ranked actor Nicholas Cage 45th on its list of the 100 most powerful celebrities and estimated his income at $40 million for the previous 12 month period. Just 6 months later Cage’s $8.5 million Las Vegas home went into foreclosure and has now reportedly been sold for $4.95 million after just one day on the market. The 14,000+ square foot home on Spanish Heights Drive has six bedrooms, seven and a half bathrooms and features a theater and a subterranean 16-car garage.

This is only the latest round of financial troubles trailing the Academy Award winner. In November, 2009, the two homes Cage owned through Hancock Park Real Estate Company in New Orleans were sold at a foreclosure auction and this followed the loss of a residence in California. This is all right on the heels of a lawsuit Cage filed in October against business manager Samuel Levin.

In the lawsuit, Cage claims he has “discovered that he is now forced to sell major assets and investments at a significant loss and is faced with huge tax liabilities because of Levin’s incompetence, misrepresentations and recklessness. Rather than attaining financial security, Cage has been forced to dispose of significant assets in order to pay for Levin’s gross misconduct.”

In addition to home losses, Cage also owes back property taxes and a substantial amount to the IRS.

“Over the course of my career I have paid at least $70 million in taxes. Unfortunately, due to a recent legal situation, another approximate $14 million is owed to the IRS,” Cage told People magazine. The good news for Cage is that as a bankable Hollywood actor, he won’t be finding himself on the unemployment line soon and his five projects currently in play should help him regroup and, hopefully, regain his financial footing.

Soul singer and frequent Las Vegas performer Toni Braxton has reportedly split from her husband Keri Lewis after eight years of marriage.

The couple has two children, seven year old Denim and Diezel, six.

The split news, reported by Essence.com, comes as the Unbreak My Heart singer faces the prospect of losing her home after she allegedly defaulted on her mortgage payments.

The singer owes more than $12,500 on her mansion in Century City, California and officials at the Bank of America are now looking to foreclose on the property, according to TMZ.com.

The news comes just a week after it was revealed that Braxton is facing a lawsuit from bosses at another financial institution, City National Bank, who claim the star owes them $900,000 in loan payments.

Braxton has been facing financial difficulties ever since she scrapped a series of Las Vegas concerts in 2008 after she was hospitalised with a reported heart problem. She is currently embroiled in a legal battle with her insurance company, after the firm refused to pay out on the axed shows.

The Elvis-themed resort planned for the Las Vegas Strip may not become a reality. A group of investors who had planned to build the resort on the 18 acres across from CityCenter could be forced to sell their property because of a default on a $475 million mortgage loan.

New York-based FX Real Estate and Entertainment said its lenders informed the company on April 9 of the bank’s intention to sell the land “to satisfy the principal amount…owed to them under the mortgage loan and secured by the property.”

FX said it would not be able to resolve the default issue by the May 18 deadline and “is considering all legal options, including bankruptcy proceedings” to prevent the sale of the property.

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